Typical Lip Service style set up between two countries that would cut each other's throat if they had the chance. This was something that each side's monetary diplomats and politicians did just to have something to do.

Darknuts is right.
China is trading with Brazil, Russia, and India (BRIC nations), as well as equipment for oil from Iran. The "Middle Kingdom" is becoming the center of the financial world. The US petro-dollar is in hock to China and as demand for something decreases (in this case the dollar) it loses value.
This move puts the US in more economic bondage to China.

‎"By not using the dollar as an intermediate currency “we can lower transaction costs and reduce settlement risks at financial institutions as well as making both nations’ currencies more useful”, he added."
they benefit, the collective benefits

"*****Typical Lip Service style set up between two countries that would cut each other's throat if they had the chance. This was something that each side's monetary diplomats and politicians did just to have something to do******.

well now, since you brought it up.. what do you think the USA has been doing to every other country on this planet? we have destroyed many nations on lies, and you believe we are better? lol